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Rethinking the Emerging Post-Washington Consensus: A Critical Appraisal

Author

Listed:
  • Ziya Önis

    (Department of Political Science, Koc University)

  • Fikret Senses

    (Department of Economics, METU)

Abstract

The objective of the paper is to provide a critical assessment of the emerging post-Washington Consensus (PWC), as a new paradigm in the development debate. The paper begins by tracing the main record of the Washington Consensus, the set of neoliberal economic policies propogated foremost by key Bretton Woods Institutions like the World Bank and the IMF that penetrated into the economic policy agendas of many developing countries since the late 1970s. The paper then outlines the main tenets of the PWC, emerging from the shortcomings of that record and the reaction it created in the political realm. The paper, while accepting that the PWC provides a significant improvement over the Washington Consensus, draws attention to its failure to provide a sufficiently broad framework for dealing with key and pressing development issues such as income distribution, poverty and self-sustained growth.

Suggested Citation

  • Ziya Önis & Fikret Senses, 2003. "Rethinking the Emerging Post-Washington Consensus: A Critical Appraisal," ERC Working Papers 0309, ERC - Economic Research Center, Middle East Technical University, revised Sep 2003.
    • Handle: RePEc:met:wpaper:0309
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    File URL: http://erc.metu.edu.tr/en/system/files/menu/series03/0309.pdf
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Post-Washington Consensus; growth;

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • F02 - International Economics - - General - - - International Economic Order and Integration

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